ATLANTA — Cortland Partners has sold two multifamily communities, Woodridge Townhomes and Clifton Ridge Townhomes, in separate transactions in the Atlanta area. Both townhome properties were rehabilitated, rebranded and sold by Cortland within 2 years of Cortland originally purchasing each property. They sold for a combined $11.9 million. Cortland’s Mike Altman led the transactions.
Southeast
ATLANTA, JACKSONVILLE, FLA., AND RALEIGH, N.C. — Buffalo, N.Y.-based Sovran Self Storage, Inc. (NYSE: SSS), a self-storage real estate investment trust (REIT), has acquired nine self storage facilities, including eight in the Southeast, for a combined price of $54.7 million. Sovran purchased four facilities in Atlanta, three in Jacksonville and one in Raleigh as well as one in Chicago. The portfolio totals more than 770,000 square feet of self-storage space. Each of the nine facilities will be rebranded under the Uncle Bob’s Self Storage name. Sovran operates 443 self-storage facilities in 25 states under that name.
MAULDIN AND SPARTANBURG, S.C. — The Terrace at Butler, a 132-unit Class B apartment complex located at 771 E. Butler Rd. in Mauldin, has traded for $8.4 million to a California-based investor seeking to expand an apartment portfolio into the Carolinas. Tony Bonitati, Kay Hill and Gwinna Cahal of Greenville, S.C.-based NAI Earle Furman represented the local seller. The NAI Earle Furman team also represented the seller of the 89-unit Schuyler Apartments, located at 275 S. Church St. in downtown Spartanburg, which was sold to an Alabama-based buyer that plans to redevelop the building as part of a revitalization effort in downtown Spartanburg. The building, which was a lender-owned asset, was originally built in the 1950s and NAI Earle Furman worked with the City of Spartanburg in obtaining approvals to ensure redevelopment.
CLEARWATER, FLA. — A $7.1 million construction loan has been arranged for Seasons Largo, an assisted living facility located at 1475 E. Bay Dr. in Clearwater. Robert Hernandez of NorthMarq arranged the financing for the borrower, Center Bay Office Inc., through NorthMarq’s relationship with a national bank on a 60-month term with interest-only for 36 months then a 30-year amortization schedule.
TALLAHASSEE, FLA. — Regency Centers (NYSE: REG), a national owner, operator and developer of grocery-anchored shopping centers, will renovate the 78,583-square-foot Carriage Gate, a neighborhood center located at Thomasville Road and State Road 261 north of Interstate 10 in Tallahassee. Trader Joe’s, which is new to the market, will open a 13,000-square-foot space in Carriage Gate in 2013. Regency also secured a long-term lease with existing anchor T.J. Maxx, which is in a 25,600-square-foot space. The shopping center, which was built in 1978, will be renovated with a new exterior facade and awnings, and the parking lot will be reconfigured for improved traffic flow and additional parking.
ORLANDO AND CELEBRATION, FLA., AND SAVANNAH, GA. — Inland American Lodging Group Inc. (IALG), wholly owned subsidiary of Inland American Real Estate Trust Inc., has agreed to acquire a portfolio of three luxury hotels including the Grand Bohemian Hotel in Orlando, Bohemian Hotel Celebration in Celebration and Bohemian Hotel Savannah Riverfront in Savannah. All three are founding hotels of Marriott’s Autograph Collection, a collection of artistically inspired boutique hotels. IALG entered purchase agreements with hotelier and developer Richard Kessler on the three properties. The acquisition of Bohemian Hotel Celebration is expected to close out all three purchases in January 2013.
PIEDMONT, S.C. — Drive Automotive Industries of America, a manufacturing division of Cosma International, plans to expand its facility, located on Moon Acres Road in Piedmont, by 150,000 square feet. The $50 million investment is expected to create 60 jobs. The expansion is slated for completion in the third quarter of 2013.
DUMFRIES, VA. — Shorehaven Apts GP plans to build the $41 million, 240-unit Shorehaven Apartments, located in Dumfries. Amenities will include a clubhouse, resort-style pool, exercise facility and dog park. Bill Overman and John Wessling of S.L. Nusbaum Realty Co. represented Shorehaven Apts LP, in the $8.1 million acquisition of the land where the project will be constructed. Full completion is slated for 18 months from when construction begins.
ATLANTA — Admiral Capital Real Estate Fund and SDM Partners have purchased the 160,000-square-foot 200 Ashford Center North, an office building located in Atlanta. Amenities include a fully equipped conference room, fitness center, on-stie cafe and covered parking. Steven Martin of SDM Partners represented the buyer in the transaction. Michael McDonald, Drew Barnette and Kennedy Hicks of Eastdil Secured represented the seller, a pension fund client of ASB Real Estate Investments.
MONTGOMERY, ALA. — A 13,706-square-foot CVS/pharmacy, located at 3050 Zelda Road in Montgomery, has sold for $4.21 million. The company has 19 years remaining on its lease. Included in the sale was the assumption of a CMBS loan through Wells Fargo. Terry Marks of National Net Lease Realty represented the seller, a Southern California based limited liability company, in the transaction. A California-based broker represented the buyer.